Woodside signs LNG supply agreement with PETRONAS, targets Malaysia from 2028

Woodside Energy has signed a non-binding Heads of Agreement (HOA) with Malaysian energy giant PETRONAS for the supply of 1 million tonnes per annum of liquefied natural gas (LNG) over 15 years, beginning in 2028.

The LNG will be sourced from Woodside’s global portfolio, which could include volumes from its newly approved Louisiana LNG project in the United States. The agreement marks a strategic move to deepen ties between the two companies across the LNG value chain.

Mark Abbotsford, Woodside Executive Vice President and Chief Commercial Officer, called the HOA a “new era of collaboration,” emphasising the importance of the deal as Woodside’s potential first long-term LNG supply to Malaysia. “It reflects the value global buyers see in Woodside’s Louisiana LNG project and our reputation as a safe and a reliable supplier of energy to Asia,” he said.

For PETRONAS, the agreement bolsters its strategy to secure flexible, long-term LNG supply to meet increasing energy demand in Peninsular Malaysia and the wider Asia-Pacific region. “We are pleased to launch our new collaboration with Woodside, a leading supplier of LNG to Asia,” said Shamsairi Ibrahim, PETRONAS Vice President of LNG Marketing & Trading. “We hope this will be the start of cooperation between PETRONAS and Woodside on future opportunities to support energy security and sustainability across the region.”

The HOA was exchanged at an energy event in Asia, witnessed by Woodside CEO Meg O’Neill and PETRONAS Executive Vice President & CEO of Gas & Maritime Business Datuk Adif Zulkifli.

The two companies are now working to convert the agreement into a binding sales and purchase deal. Woodside and PETRONAS have a longstanding relationship, having partnered previously on exploration, R&D, and LNG trade.